Blackstone’s ClearGen providing $500M for GreenStruxure renewable microgrid development in U.S.

renewable microgrid
Illustration courtesy GreenStruxure

A joint venture across the energy and private equity investment fronts is partnering to bring scale to renewable resource microgrids for commercial and industrial customers across the United States.

GreenStruxure is partnering with ClearGen to develop and operate as many as 120 microgrids nationwide. GreenStruxure is a joint venture with Schneider Electric and Huck Capital.

ClearGen is committing $500 million in long-term capital toward the projects. This capital commitment is through funds managed by Blackstone (owner of Clarion Energy and Power Engineering).

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Through this partnership, GreenStruxure will develop and operate highly standardized on-site renewable energy microgrid systems. Customers in the C/I market will benefit from a turnkey Energy as a Service solution that gives them the energy outcomes they need to meet their business and sustainability goals with no upfront capital outlay and no operational risks, the company says.  

“Energy consumers face a range of challenges, including decarbonization goals, cost and risk management, and the reliability of supply that affects critical operations,” said George Plattenburg, ClearGen Co-Founder and Chief Commercial Officer.  “We are excited to partner with GreenStruxure to identify new investment opportunities, provide real value for customers, and meet the significant demand for behind-the-meter energy systems in North America.” 

Demand for on-site renewable energy assets is growing rapidly as consumers are faced with rising energy costs, a desire to improve the sustainability of their operations, and service outages caused by extreme weather and natural disasters. However, building on-site microgrid assets requires significant capital outlay and building owners and operators have few other options available to them today to take control of their energy.

Schneider Electric and Huck Capital announced the joint venture in August 2020. The GreenStruxure focus is for on-site, clean energy microgrids supply commercial and industrial customer buildings with up to 5 MW of power capacity.

ClearGen also was created last year.

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